If ever there was a sign of a hot market, this is it.
The latest figures gathered by TECHdotMN show that the volume of dollars invested into Minnesota tech ventures doubled year over year, from $60m in 2010 to over $126m in 2011, respectively.
This data includes IT, Web, Mobile, SaaS and hardware companies reporting investment rounds in excess of $25,000 and does not account for unreported or undisclosed transactions.
Notable deals of the year include Ability Network’s $27m round, Cima NanoTech’s $15m D round, 8thBridge’s $10m series B, RedBrick Health’s $5.7m raise, and TST Media’s $3.5m Series B. All in all, 63 unique companies raised capital throughout 2011.
The increase in funding can be attributed in part to The Minnesota Angel Investment Tax Credit as 2011 was the first full year of the tax credit, which was approved in April, 2010. True to its name, the credit aims to benefit angel investors and spur early activity rather vs. large institutional funds. The state’s 2011 tax credits were fully allocated, and $12m has been earmarked for the 2012 tax credit.
2012 looks equally bright for Minnesota as Code 42’s $52.5m investment round announced earlier this month points to another annual rise in overall funding and continued growth in Minnesota. Below is the quarter to quarter data from 2011:
$19.5m raised; 28 raised Q4:
|Q4 – AITC||Equity||3D Sports Ventures||$220k||–|
|Q4 – AITC||Equity||Accelerated Innovations||$1m||–|
|Q4 – AITC||Equity||Anser Innovation||$140k||–|
|Q4 – AITC||Equity||Argos Risk||$450k||–|
|Q4 – AITC||Equity||AsystMe||$67.5k||–|
|Q4 – AITC||Equity||AtPlayMusic (stealth)||$187.5k||–|
|Q4 – AITC||Equity||Brilliant Nations||$73k||–|
|Q4 – AITC||Equity||Conservis||$170k||–|
|Q4 – AITC||Equity||Early Learning Labs||$100k||–|
|Q4 – AITC||Equity||Echobit||$50k||–|
|Q4 – AITC||Equity||ForMyChildren (stealth)||$22.5k||–|
|Q4 – AITC||Equity||HSIO Technologies||$1.5m||–|
|Q4 – AITC||Equity||Instant Wireless||$71k||–|
|Q4 – AITC||Equity||Jericho Ventures (stealth)||$325k||–|
|Q4 – AITC||Equity||Localoop||$208.5k||–|
|Q4 – AITC||Equity||MIDART Communications||$50k||–|
|Q4 – AITC||Equity||Nitch||$50k||–|
|Q4 – AITC||Equity||Packet Power||$225k||–|
|Q4 – AITC||Equity||Seeonic||$125k||–|
|Q4 – AITC||Equity||Vizsy (stealth)||$160k||–|